Anil Ambani group gets FMC nod to buy Indiabull's stake in ICEX: report
25 Sep 2010
Commodity market regulator Forwards Markets Commission (FMC) has approved a proposal by the Anil Dhirubhai Ambani Group to buy a 26 per cent stake in Indian Commodity Exchange (ICEX), reports said today.
The regulator's nod comes after the ministry of consumer affairs approved the sale of 26 per cent stake by stock trading firm Indiabulls Financial Services, the reports said.
ICEX is jointly promoted by Indiabulls and state-run trading giant Minerals and Metals Trading Corporation.
"The sale of 26 per cent by Indiabulls was approved by the ministry of consumer affairs on Thursday," the report quoted FMC chairman BC Khatua as saying.
However, the report said MMTC could exercise the right of first refusal in case Indiabulls wants to sell the rest of its stake to ADAG.
Once bought, ADAG will have a three-year lock-in period for its stock from Thursday, it added.
With a market capitalisation of Rs325,000 crore ($81 billion), and net assets in excess of Rs115,000 crore ($29 billion), ADAG has interests in communications, financial services, generation, transmission and distribution of power, infrastructure and entertainment.
